WWYD? Best Strategy to Flip Home

[Melissa M Paul]

My mother has rented a home in Florida for nearly 10 years and the landlord is finally wanting to sell it to her. The property has gone up tremendously in value over the years and is the perfect investment opportunity. I am just not entirely sure what strategy to take with the home. 

A projection of the numbers:

ARV: $280K

*Goal Acquisition Price: $165k- $180k 

Estimated Repair: $60K -75K 

***We know that we want to keep this home in the family, but want to be able to pull money out of it in order to purchase more property.***

Here were some of the strategies I came up with: 

1. BRRR- I could purchase the property under my LLC and find a lender to fund the deal. I could then refinance the loan to pay the initial lender. My mother would be my tenant. (I do not reside in the same state)

Current obstacles:

Obtaining the entire down payment and lender (at the moment) & Finding the best refinancing for a company.

2. FHA- My mother can purchase the home traditionally, but won't have the funds to remodel the home. I am also worried that this process will prolong the chance to pull money out of the home.

3. Ask the seller to offer seller financing- This way the property will still be under our ownership and fewer funds will need to be acquired by a lender.

What would you recommend in this situation? 

Thanks ahead of time!